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Hollywood Palladium Sells Amid Luxury Tower Rumors

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Miami developer Crescent Heights is about to fork over $55 million to a Dallas-based company for the Hollywood Palladium, reports the Los Angeles Business Journal (sub. req.). While the renowned venue will probably continue to host shows for the near future--LiveNation has a lease until 2027--the future of the 59,000 square foot Palladium and its 90,000 square foot parking lot are uncertain, although Crescent Heights "is believed to want to develop a luxury apartment or condo tower at the site." (The company also owns the highly-coveted Century City lot at 10000 Santa Monica Boulevard, incidentally.) Should Crescent Heights want to do something with the Palladium itself, the much-loved 72 year old theater, which came back to life four years ago following a moribund period, has no historic protection that would stave off bulldozers.
· Will the Music Stop After Sale of Palladium? [LABJ, sub. req.]